Area home sales show decline

Wednesday

Mar 26, 2008 at 5:01 AM

By GINGER CHRIST

T-G Staff Writer

National increases in existing home sales in February skipped the Ashland area as well as the Midwest region.

Existing home sales are down 19.5 percent in the Midwest from last year, according to the National Association of Realtors. Ashland County likewise experienced an 8.7 percent drop. In Ohio, existing home sales fell 9.6 percent, according to the Ohio Association of Realtors.

Loretta Leaver, a leasing agent at Bauer Management Realty, said existing home sales are lower.

"We really haven't had anybody coming in looking or asking in the past month," said Leaver.

"The sales here have been very stable over the last couple years even though the larger markets have been struggling," said Meyer.

Meyer said she thinks the national housing market will stabilize in the summer months. Because of competitive interest rates and a rise in loan values, Meyer expects the market to turn around.

Nationally, existing home sales rose 2.9 percent in February. However, the increase remains 23.8 percent lower than reported in February 2007.

Total housing inventory in the U.S. dropped 3.0 percent in February, bringing the number of existing homes available to 4.03 million -- a 9.6 month supply at the current sales price, according to NAR.

While the local market wavered in 2007, the average price of homes increased marginally.

The average price of existing homes in Ashland County rose 3.2 percent in 2007 from 2006. However, Sharon Sample of the Ashland Board of Realtors, said numbers can be skewed by the purchase of one expensive home.

Prices in the Midwest, as recorded by NAR, decreased 7.1 percent from February 2007.

n Ginger Christ can be reached at 419-281-0581 ext. 239 or at gchrist@times-gazette.com.

Existing Home Sales

in Ashland County

January 2007 through

February 2008431

January 2006 through

February 2007472

February 200819

February 200720

January 200821

January 200722

December 200719

December 200625

November 200736

November 200637

Information provided by the Ashland Board of Realtors Multiple Listing Service

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